Benefits

Post Closing

Prior to closing, the acquiring company will have confirmed which coverages and limits they plan on purchasing once the transaction is complete. The day of closing we will do the following:

Amend Coverages or Bind New Coverages – Throughout the period leading up to the closing, we have made the various Underwriters aware of the plan moving forward. They will be ready to change the existing coverages or bind new coverages at a moment’s notice.

Issue Certificates of Insurance – Once we receive confirmation that the transaction has closed, we will send certificates evidencing the new coverage of the acquired company.

Issue Auto ID Cards – We will email Auto ID cards evidencing the new coverage for the acquired company. For larger fleets, we can prepare a generic Fleet ID Card, which can be emailed to the various locations, rather than trying to match up the specific cards and vehicles.

Canceling Old Policies – Once the new coverages are confirmed and bound, and certificates and ID cards are issued, the old policies will need to be cancelled. In many cases, we are not the broker for the company being acquired, and do not have the authority to cancel the policies; however, we will walk you through the steps to take with the prior broker. In cases where we represented the acquired company, we will cancel the policies on their behalf.

Employee Benefit Administration – Our team assures the client’s benefit program is in place and is in compliance with all Federal, State and ERISA requirements. We integrate our Benefit administration technology and our claims advocate program to give the employer, and their staff, all the assistance they need to address their on-going benefit concerns. Our team works with the client on their overall benefit strategy, making sure the benefit program matches the client’s long term goals and philosophies.